Sorbet
Latest round
- Series A
Last raised
- Dec 2021
Total raised
- $51M
Investors
- 6
About Sorbet
Founded in 2019 by Eliaz Shapira, Malaika Sahni, Rami Kasterstein, Seher Kochhar, and Veetahl Eilat-Raichel, Sorbet operates out of Israel. The company primarily focuses on offering financial flexibility to employees through its cash advance service. Sorbet provides a unique cash advance solution that allows employees to access the monetary value of their unused Paid Time Off (PTO) without having to wait until they leave their jobs. The core service enables employees to receive cash equivalent to their accrued PTO, which they can utilize immediately for various personal expenses, thereby enhancing their financial wellness and reducing stress. The process is user-friendly; employees can calculate the estimated cash value of their unused PTO, apply for the service without a credit check, and receive funds directly into their bank accounts within 1-5 business days. Sorbet's clientele primarily includes employers looking to offer financial flexibility to their employees, and the user base consists of employees across various industries who are looking to alleviate financial strains.The revenue model of Sorbet is structured around providing cash advance solutions to employees, where the company partners with employers to offer this service at no cost to them. Employees make regular interest-only payments from their paychecks, with the principal amount due upon loan maturity or separation from the company. This model creates a seamless transaction process that is integrated into the payroll system, ensuring efficiency and convenience.99% to 36% APR depending on individual factors related to PTO. The financial transactions are primarily business-to-business (B2B), as Sorbet collaborates with employers to facilitate the cash advance service for their employees, thereby enhancing employee retention and satisfaction without any direct financial burden on the employers. They are exploring the introduction of new features to their cash advance platform aimed at improving user experience.
Who invested in Sorbet
6 investors across 3 rounds
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Questions about Sorbet
Who invested in Sorbet?
Sorbet has 6 investors on record across 3 venture rounds. Sign up free to see every VC on the cap table and the rounds they joined.
How much funding has Sorbet raised?
Sorbet has raised 3 venture rounds. Sign up free to see how much each round raised and the total.
When did Sorbet last raise money?
Sorbet's most recent round on record is a Series A, in Dec 2021.
What does Sorbet do?
Founded in 2019 by Eliaz Shapira, Malaika Sahni, Rami Kasterstein, Seher Kochhar, and Veetahl Eilat-Raichel, Sorbet operates out of Israel.
Where is Sorbet headquartered?
Sorbet is headquartered in New York, US.
Which VCs invest in companies like Sorbet?
Among active investors with capital left to deploy, Radical Ventures, Ribbit Capital, TrueBridge Capital Partners and Tribe Capital back financial services companies at Sorbet's stage. Their profiles are linked below.
VCs backing financial services startups at Series A
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